1.4 The Bank does not offer or sell investment deposit to US persons and the Client hereby confirms to the Bank that it is not a US person. The Bank has the right to terminate the agreement immediately if the Client is a US person or becomes a US person during the term of the agreement. The Client undertakes to inform the Bank immediately of any circumstances which could cause the Client to be qualified as a US person. The Bank can also use public information when assessing the qualification of a client as a US person. A legal person can be a US person, among other things, when it is established in the US, acts in accordance with US law, has a US postal address or has some business activities in the US. A representative office or a branch of a foreign legal person can be qualified as a US person on same conditions. A natural person can be a US person, among other things, when it is considered a US resident for tax purposes or if the person stays in the US for some time for educational or work purposes. A person can be considered a US person also under other conditions deriving from US laws…

Does the Commission consider that this condition of Swedbank is related to the recently adopted US law FATCA, the ongoing IGAs on it and the legal uncertainty for the FFI as to the extraterritorial application of FATCA?

Is the Commission aware that the extraterritorial effect of FATCA could lead to banks on the territory of the EU refusing to take US clients?

Does the Commission consider this practice as a violation of the general principle of equal treatment and non-discrimination, or any provision of the EU treaties? Does the Commission consider that the definition of’ US person’ could also include EU citizens, which would mean that EU citizens could be affected directly by US law on EU soil?

“Banks have the right, under the contractual freedom principle, to decide with hom they want to contract. They can in any event refuse clients for sound commercial reasons” (that US persons are too expensive to service in Sweden or the EU)

2 § “Public power shall be exercised with respect for all persons (EXCEPT FOR THOSE BORN IN USA AND EXCEPT FOR THOSE WITH AN AMERICAN PARENT AND EXCEPT FOR THOSE THAT FORGOT TO FILL OUT THE GREEN CARD CANCELLATION FORM AFTER THEY LEFT USA. AND, UH, EXCEPT FOR ANY SWEDISH CITIZEN SUSPECTED OF ANY OF THE ABOVE) equal value and for the individual’s freedom and dignity.

FATCA IS Supported by EVERY SINGLE SWEDISH PARTY IN RIKSDAGEN, REGERINGEN, AND THE EU PARLIAMENT IS “THANKING AMERICA” FOR FATCA.

FATCA DISCRIMINATES PERSONS BASED UPON THE NATIONALITY THAT THEY ARE SUSPECTED OF BEING.

IT DOES NOT MATTER WHAT NATIONALITY IS BEING DISCRIMINATED (whether you like them or not, whether they pity them or not, whether you respect them or not).

THE OBJECTIVE OF GRUNDLAG IS TO PROTECT PERSONS OF ANY NATIONALITY.

IT DOES NOT MATTER IF THE CAUSE OF THAT DISCRIMINATION IS INSTIGATED BY THAT PERSON’S OWN RACE IN THAT PERSONS OWN HOMELAND. (psssst-remember Eritrea?)

BUT THAT IS NOT WHAT RIKSDAGEN AND REGERINGEN ARE IMPLEMENTING.

You laugh, you don’t believe this could all be true–but here is Riksdagen & Regeringen implementing USA law inside Sweden:

Last year it seemed that Swedbank was refusing US Persons for buying savings accounts. And so, Sophie in ‘t Veld raised her hand and warned the EP. But, if you take a closer look to the sources you cite, Swedbank’s conditions deal with investments deposits. Securities or investment products are forbidden to offer to US Person subject to Regulation S, not FATCA, http://en.wikipedia.org/wiki/Securities_Act_of_1933. Fortunately you will find many more non-US financial institutions complying to Regulation S. Please, don’t mix FATCA and Regulation S. Their definition of ‘US Persons’ is also different. Be careful to jump to conclusions.

Thanks. I have spoken to a Swedbank branch manager, who stated it is indeed their policy not to have US persons as customers at all. The policy states “US persons” which is determined by USA IRS—not controlled by Swedish law.
Regardless of which law it is directed at, Bank Securities or FATCA, the issue is that US law is applied to “US persons” as defined by USA. Sweden & EU apply those USA laws inside Sweden & EU, despite those persons being EU citizens and Swedish citizens.
These applications, in coordination between USA & other countries, do not provide a level playing field according to national background. National background discrimination is forbidden by the laws of nearly all countries.
These applicable laws were made to punish bad guys, and their basic assumption is that all persons are bad guys until proving themselves to be innocent.
US taxation of its citizens goes back to the Civil War, to punish draft evaders. The law continues today uniquely for USA, and has now become the source of new revenues—penalties, which are draconian and unconstitutional.
What does USA plan do to all of the 7 million US citizens, the millions of “US persons” and the 10’s of millions of dual-citizen immigrants when FATCA finds them?

During the period 1933-1939, persons of a particular nationality were singled out in Europe and identified to the government authorities and to the public. During the period 1939-1945, those persons received their fate. The fate for “US persons” identified to USA as living in Europe are fines beginning at $10,000 per bank account per year, and going up to the greater of $100,000 or 50% of the account value per year (300% of a person’s net worth). There is also jail time.

These are the penalties for a person, living in Europe as a European citizen, for not having reported themselves yearly (last day of June) to the US government police agency called the Financial Crimes Enforcement Agency. If the person does not self-report themselves to this police agency, the above fines are applied.

Those European citizens living in Europe, not reporting themselves to the USA Crimiinal Enforcement network, will be bankrupted by the USA.

FATCA will find any and all of the European citizens with “US indicia”, for their penalties.